Mr Frydenberg has served as an adviser to the one-time Australian prime minister John Howard and to the former Australian foreign minister.
Mr Danby, known for his support of Israel, was returned to the Melbourne seat he has held for 22 years.
Mr Dreyfus, whose father emigrated to Australia during the Holocaust, also won a second term representing a constituency in Victoria.
During the election campaign the leaders of the two main parties, Labor’s Julia Gillard and Tony Abbott for the Liberals, both emphasised their commitment to Israel.
Mr Abbott described his party's bond with the Jewish state as "unshakeable" and Ms Gillard visited Israel as part of a delegation from the Australia Israel Leadership Forum.
